Long-term care insurance can cover basic and comprehensive health needs not covered by health insurance or Medicare.
Long-term care insurance is a policy that covers assistance seniors may need for basic everyday activities like bathing and eating. It can also cover more comprehensive services like transportation or support in an assisted living residence or nursing home.The primary benefit of long-term care insurance is that it can help you pay for care that is typically not covered by most health insurance policies and Medicare.
According to the American Association for Long-Term Care Insurance, the annual premium for a healthy 60-year-old senior with $165,000 in policy benefits could range from $1,200 to $6,800, depending on your benefits growth rate and other factors. Before you sign up for a policy, consider whether your premium costs will strain your budget and how they compare to your potential out-of-pocket expenses for long-term care.
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